The Industrial Bank recently entered into a strategic agreement for cooperation with the Tianjin Bohai Commodity Exchange, thereby becoming one of the first designated settlement banks at the exchange. By linking the IB-developed national centralized bank-business transfer system for bulk stock exchange to the Bohai Commodity Exchange, the transaction capital of traders on the exchange across the nation can be bi-laterally transferred in real-time, meaning that funds can be moved instantaneously. Moreover, traders can also check the balance of their transaction capital accounts at the Bohai Commodity Exchange through the system.
The Industrial Bank is a commercial bank that operates over 480 outlets under 41 branches at major cities throughout China. The bank boasts a great deal of experience in settlement business at trading exchanges. As early as in 1996, the Industrial Bank launched settlement services for securities funds on the Shanghai Stock Exchange. It was also one of the first banks in China to provide third-party depository service. Currently, the Industrial Bank has established third-party depository services with almost 90 securities companies in China.
The bank stated that relying on its experience in settlement business at trading exchanges, it will provide the Bohai Commodity Exchange and its traders with highly-efficient, first-rate and all-around banking services. The bank will also seek further cooperation with other domestic bulk stock exchange markets in an effort to boost the development of domestic bulk stock markets.